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US Dollar rebounds to 93.00 mark ahead of US Data

   •  Passage of the US tax bill failed to revive USD demand.

   •  Sliding US bond yields to cap any meaningful recovery.

   •  US macro data eyed for fresh impetus in a relatively quiet session.

 

The greenback selling pressure now seems to have abated, at least for the time being, with the key US Dollar Index bouncing back to the 93.00 handle.

 

On Wednesday, the US House of Representatives gave final approval to the biggest tax overhaul code in 30 years and sent the sweeping bill to the US President Donald Trump to sign. 

 

Moreover, news headlines that Trump's signing of the historic tax bill could be delayed until January further dented the already weaker sentiment surrounding the greenback. 

 

Adding to this, concerns that the legislation might not provide the expected economic boost largely offset a sharp upsurge in the US Treasury bond yields and did little to revive the USD demand. 

 

Traders now seemed to lighten their bearish USD bets and now look forward to the US releases for some fresh impetus later during the NA session. Today's economic docket features the release of final US GDP growth figures for the third-quarter, along with Philly Fed Manufacturing Index and the usual initial jobless claims. 

 

Meanwhile, a sharp retracement in the US bond yields might now contribute towards capping any meaningful recovery gains ahead of today's important macro data.

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